ABB Ltd (NYSE: ABB), the leading power and automation technology group, and Baldor Electric Company (NYSE: BEZ), a North American leader in industrial motors, announced today that the Antitrust Division of the United States Department of Justice has cleared ABB’s proposed acquisition of Baldor pursuant to a cash tender offer for all of the outstanding shares of common stock of Baldor at a price of $63.50 per share net to the holder in cash, without interest and less any required withholding taxes.
This antitrust clearance satisfies the last remaining regulatory condition to the tender offer. As announced on January 20, 2011, the tender offer will expire at 5:00 p.m., New York City time, on January 25, 2011.
The closing of the tender offer remains subject to other customary terms and conditions, including the condition that there shall have been validly tendered and not validly withdrawn a number of shares that represents more than 66-2/3% of the sum of the number of Baldor shares issued and outstanding on the expiration date of the offer and the number of Baldor shares issuable under stock options, stock units and other derivative securities then exercisable.
Subject to the satisfaction of these other conditions, ABB expects to close the acquisition of Baldor soon after the expiration of the tender offer.
ABB receives US Antitrust clearance for pending Baldor acquisition